Abacus Property Group – Annual Financial Report 2018

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ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 18. RELATED PARTY DISCLOSURES (continued) (d) Transactions with related parties 2018 2017 $'000 $'000 Transactions with related parties other than associates and joint ventures Revenues Property management fees received / receivable 206 196 Transactions with associates and joint ventures Revenues Management fees received / receivable from joint ventures 3,510 4,316 Revenue received / receivable from joint ventures 82,743 61,186 Other transactions Loan advanced to joint ventures (13,158) (12,019) Loan repayments from joint ventures 48,735 18,161 Loan advanced from joint ventures 785 762 Terms and conditions of transactions Sales and fees to and purchases and fees charged from related parties are made in arm’s length transactions both at normal market prices and on normal commercial terms. Outstanding balances at year-end are unsecured and settlement occurs in cash. No provision for doubtful debts has been recognised or bad debts incurred with respect to amounts payable or receivable from related parties during the year. Entity with significant influence Calculator Australia Pty Ltd (“Kirsh”) is a significant securityholder in the Group with a holding of approximately 49% of the ordinary securities of the Group (2017: 49%). During the year, Abacus Property Services Pty Ltd was engaged to manage the following properties: Property Relationship with Kirsh Charge per annum 2018 2017 $ $ 14 Martin Place Tenants-in-common 3% of gross rental 181,422 195,782 4 Martin Place 100% owned by Kirsh 3% of gross rental 206,237 177,492 Mrs Myra Salkinder is a non-executive director of the Group and is a senior executive of Kirsh. 75
ABACUS PROPERTY GROUP NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2018 19. KEY MANAGEMENT PERSONNEL (a) Compensation for key management personnel 2018 2017 $ $ Short-term employee benefits 5,699,461 5,413,023 Post-employment benefits 170,009 203,688 Other long-term benefits 58,562 61,662 Security-based payments 1,842,125 1,090,281 7,770,157 6,768,654 (b) Loans to key management personnel There were no loans to key management personnel and their related parties at any time in 2018 or in the prior year. (c) Other transactions and balances with key management personnel and their related parties During the financial year, transactions occurred between the Group and Key Management Personnel which are within normal employee and investor relationships. 76
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Abacus Property Group ANNUAL FINANC
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DIRECTORS’ REPORT 30 June 2018 AB
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Abacus Property Group – Annual Financial Report 2018

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